US renewables developer Apex Clean Energy has made an agreement with timberland company Weyerhaeuser for the development of 1GW of utility-scale solar and solar-plus-storage projects on Weyerhaeuser sites across the US.
Apex will develop the portfolio, creating a “near-term opportunity for power purchasers to meet their decarbonisation goals at scale”, the company said via a media release, adding that the projects could reach commercial operations as early as 2023.
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“This significant portfolio of clean energy projects will be developed leveraging Weyerhaeuser’s broad and geographically diverse landholdings and Apex’s track record of bringing commercially viable clean energy projects to market,” said Ellen Balfrey, Apex’s senior vice president of finance.
To date, Apex has commercialised more than US$10 billion of utility-scale renewable projects through agreements with utilities, co-ops, and corporations.
In October, funds managed by private equity firm Ares Management Corporation acquired a majority stake in Apex Clean Energy with the funds used to provide Virginia-based Apex with additional capital as it seeks to transition to a pure-play renewables independent power producer (IPP).
Apex last year secured a US$200 million loan and now has a clean energy portfolio with more than 30GW in development.
“This agreement with Apex is a great step in advancing Weyerhaeuser’s strategic growth in renewable energy development, and it supports our broader commitment to sustainability and providing natural climate solutions across our land base,” said Russell Hagen, senior vice president and chief development officer for Weyerhaeuser.